Treasury Laws Amendment (2017 Measures No. 5) Act 2018 (27 of 2018)
Schedule 1 Financial benchmarks
Part 2 Main consequential amendments
Corporations Act 2001
26 After subsection 1317G(1DB)
Insert:
Financial benchmark rules and compelled financial benchmark rules
(1DC) A Court may order a person to pay the Commonwealth a pecuniary penalty if:
(a) a declaration of contravention by the person has been made under section 1317E; and
(b) the contravention is of subsection 908CF(1) (complying with rules about financial benchmarks).
(1DD) The maximum amount that the court may order the person to pay for contravening a financial benchmark rule, or a compelled financial benchmark rule, is the penalty amount specified in those rules for the rule that has been contravened.
Manipulating financial benchmarks
(1DE) A Court may order a person to pay the Commonwealth a pecuniary penalty if:
(a) a declaration of contravention by the person has been made under section 1317E; and
(b) the contravention is of subsection 908DA(1) or (2) or 908DB(1) or (2).
(1DF) The maximum amount that the court may order the person to pay for contravening a provision mentioned in paragraph (1DE)(b) is:
(a) $200,000 for an individual; or
(b) $1 million for a body corporate.